Earnings Releases·Nov 10, 2026, 4:05 PM ET

Carlsmed — Third Quarter 2026 Earnings Summary

Q3 2026 revenue surged 65% year-over-year to $21.6 million, while gross margin expanded to 77.3% from 75.9%, though net loss widened to $12.2 million from $8.5 million due to elevated operating expenses.
Full-year 2026 revenue guidance was raised to $78 million–$80 million, reflecting over 56% growth at the midpoint versus 2025, with prior guidance capped at $78 million.
Strategic milestones include new CMS inpatient reimbursement for aprevo® lumbar procedures effective October 1, 2026, and the launch of the aprevo® Lumbar Bi-lateral Posterior System targeting 30,000 annual U.S. procedures.
Leadership team was strengthened with the appointment of a new CFO and Chief Product and AI Officer, while Q3 operating expenses included $2.8 million in executive transition costs and legal resolutions.
Company maintains a strong liquidity position with $80.3 million in cash and equivalents as of September 30, 2026, supporting its capital-light model for sustainable growth into 2027.